3 Reasons Why You Need A Mortgage Pre-Approval

When you decide to enter the homebuying market, it’s tempting to immediately start browsing listings to see what’s available. However, the crucial first move for any homebuyer is getting pre-approved for a mortgage. Here are three reasons why pre-approval should be your first step in the homebuying process!

Know What You Can Borrow and Afford

If you’re pre-approved, you have a better sense of your budget, what you can afford, and ultimately how much you’re eligible to borrow for your mortgage. This way, you’re less apt to fall in love with a home that may be out of your reach, plus you can work with your realtor on narrowing the field of options down to a house that fits your price range.

Speed Up the Mortgage Process

Pre-approval can also speed up the homebuying process, so you can move faster when you’re ready to make an offer. In a competitive market, a pre-approval may be the leg-up you need to cross the finish line first and land the home you want.

Discover Your Loan and Down Payment Options

Home loans are by no means one size fits all. In fact, there are many different types of home loans for a wide array of borrower situations. Your loan officer can help you choose the best home loan and down payment option for your financial situation, which in turn, gives you the best start on your homebuying journey!

ALCOVA now offers a one-of-a-kind guaranteed pre-approval with our CAN-DO Certification to help buyers compete in this aggressive real estate market. If you are ready to begin your homebuying journey or tired of being out-bid, ALCOVA can give you the jumpstart you need.

Ready to get started on your homebuying journey! Contact one of our expert loan officers today!